Investors’ simple game plan – buy the US market, bet on big tech and sleep safely in the knowledge economic and market cycles were dead – is suddenly under question.
At the heart of the vicious slump on Wall Street is a huge question: how do you price tectonic shifts in global markets and politics?
It’s not the size of the slump since the S&P 500 reached an all-time high on February 19 that is startling; the 8.6 per cent drop merely takes us back to the levels seen about six months ago.
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James Thomson is senior Chanticleer columnist based in Melbourne. He was the Companies editor and editor of BRW Magazine. Connect with James on Twitter. Email James at j.thomson@afr.com
